Quarterly report pursuant to Section 13 or 15(d)

BASIS OF PRESENTATION (Details 1)

v3.21.2
BASIS OF PRESENTATION (Details 1) - USD ($)
$ in Thousands
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
CURRENT ASSETS            
Cash and cash equivalents $ 1,032   $ 1,769 $ 2,947    
Accounts receivable, net 1,457   2,150 2,282    
Inventories, net 7,863   7,971 5,906    
Investment in marketable securities 27,007   27,929 32,890    
Prepaid expenses and other current assets 1,170   1,402 596    
Total current assets 38,536   41,221 44,621    
Property and equipment, net 141   151 145    
Equity method investment       13,366    
Right of use assets 4,283   4,474 4,285    
Deposits and other assets 285   285 412    
Total other assets       18,063    
Total assets 56,250   59,456 62,829    
CURRENT LIABILITIES            
Accounts payable and accrued expenses 10,377   11,498 11,517    
Operating lease liabilities, current portion 1,103   991 857    
Other current liabilities 957   5,748 5,261    
Warrant derivative liabilities 1,539   38 9,023    
Notes payable, net of discount 4,271   3,749 11,254    
Notes payable to related parties 34   193 470    
Convertible notes payable, net of discount     2,995 13,867    
Convertible notes payable to related parties, net of discount       14,180    
Total current liabilities 26,475   32,827 66,429    
Operating lease liabilities, less current portion 3,722   3,932 3,781    
Other long-term liabilities 36,434   33,750 35,330    
Convertible notes payable, net of discount, less current portion 3,150     450    
Total liabilities 70,269   70,509 105,990    
STOCKHOLDERS’ DEFICIT            
Preferred stock — par value $0.001 per share, 15,000,000 shares authorized, none issued or outstanding      
Common stock — par value $0.001 per share, 250,000,000 shares authorized, 37,880,211 shares outstanding at June 30, 2019 49   48 38    
Additional paid-in capital 216,376   215,207 163,248    
Accumulated other comprehensive loss (51)   (79) (56)    
Accumulated deficit (230,393)   (226,229) (206,391)    
Total stockholders’ deficit (14,019) $ (4,732) (11,053) (43,161) $ (32,311) $ (21,708)
Total liabilities & stockholders’ deficit $ 56,250   $ 59,456 62,829    
Previously Reported [Member]            
CURRENT ASSETS            
Cash and cash equivalents       15,169    
Accounts receivable, net       1,981    
Inventories, net       5,906    
Investment in marketable securities       32,890    
Prepaid expenses and other current assets       703    
Total current assets       56,649    
Property and equipment, net       145    
Right of use assets       4,285    
Deposits and other assets       412    
Total other assets       4,697    
Total assets       61,491    
CURRENT LIABILITIES            
Accounts payable and accrued expenses       11,455    
Operating lease liabilities, current portion       857    
Other current liabilities       5,259    
Notes payable, net of discount       11,163    
Notes payable to related parties       470    
Convertible notes payable, net of discount       13,867    
Convertible notes payable to related parties, net of discount       14,180    
Total current liabilities       57,251    
Operating lease liabilities, less current portion       3,781    
Other long-term liabilities       35,330    
Warrant derivative liabilities       1,200    
Notes payable, net of discount, less current portion       703    
Convertible notes payable, net of discount, less current portion       450    
Total liabilities       98,715    
STOCKHOLDERS’ DEFICIT            
Preferred stock — par value $0.001 per share, 15,000,000 shares authorized, none issued or outstanding          
Common stock — par value $0.001 per share, 250,000,000 shares authorized, 37,880,211 shares outstanding at June 30, 2019       36    
Additional paid-in capital       153,084    
Accumulated other comprehensive loss       (56)    
Accumulated deficit       (189,503)    
Total stockholders’ deficit       (36,439)    
Noncontrolling interest       (785)    
Total liabilities & stockholders’ deficit       61,491    
Adjustments [Member]            
CURRENT ASSETS            
Cash and cash equivalents [1]       (12,222)    
Accounts receivable, net [2]       301    
Prepaid expenses and other current assets [2],[3]       (107)    
Total current assets       (12,028)    
Equity method investment [1]       13,366    
Total other assets       13,366    
Total assets       1,338    
CURRENT LIABILITIES            
Accounts payable and accrued expenses [2],[3]       62    
Other current liabilities [2]       2    
Warrant derivative liabilities [2],[4]       9,023    
Notes payable, net of discount [4]       91    
Total current liabilities       9,178    
Warrant derivative liabilities [2]       (1,200)    
Notes payable, net of discount, less current portion [4]       (703)    
Total liabilities       7,275    
STOCKHOLDERS’ DEFICIT            
Preferred stock — par value $0.001 per share, 15,000,000 shares authorized, none issued or outstanding          
Common stock — par value $0.001 per share, 250,000,000 shares authorized, 37,880,211 shares outstanding at June 30, 2019 [5]       2    
Additional paid-in capital [4],[6]       10,164    
Accumulated deficit [6]       (16,888)    
Total stockholders’ deficit       (6,722)    
Noncontrolling interest [1]       785    
Total liabilities & stockholders’ deficit       $ 1,338    
[1] EJ Holdings adjustments: the correction of this misstatement resulted in increases of $13.4 million in equity method investment, $172,000 in accounts payable and accrued expenses, and $785,000 in non-controlling interest and decreases of $12.2 million in cash and cash equivalent and $187,000 in prepaid expenses and other current assets
[2] Corrections of other misstatement: period adjustment and reclassification of variable consideration resulted in an increase of $301,000 in accounts receivable and a decrease of $110,000 in accounts payable and accrued expenses, a decrease of $10,000 in income tax receivable and an increase of $24,000 in income tax payable; a reclassification of GPB warrants resulted an increase of short-term warrant liability and a decrease of long-term warrant liability of $1.2 million; and correction of tax provision resulted an increase of $90,000 in income tax receivable and a decrease of $24,000 in income tax payable.
[3] EJ Holdings adjustments: the correction of this misstatement resulted in increases of $13.4 million in equity method investment, $172,000 in accounts payable and accrued expenses, and $785,000 in non-controlling interest and decreases of $12.2 million in cash and cash equivalent and $187,000 in prepaid expenses and other current assets.  
[4] Warrant adjustments: the correction of this misstatement resulted in increases of $7.8 million in warrant derivative current liabilities, and $90,000 in short-term note payable and decreases of $703,000 in long-term notes payable and $9.7 million in additional paid-in capital.
[5] Retrospective adjustments made to common stock resulted from recapitalization transaction in July 2019.
[6] Carryforward impact on 2018 restatement adjustments, including cashless warrant adjustments which resulted in an increase in additional paid-in capital and a decrease in retained earnings of $18.3 million.